WOOLSTON TANNERIES.

Waikato Times, Volume 100, Issue 16712, 30 January 1926, Page 6

WOOLSTON TANNERIES.

COMMISSION OF INQUIRY. ' '" WELLINGTON, Friday. '". Before the Wdolston Tanneries 'Commission Percy Norman Quarter- :' main, accountant at Christchurch, . continued his evidence, regarding the '.'investigation made by him of the books ; of the Woolston Tanneries, Ltd. Wit-■'-ness gave details of various oversea shipments made by the company during 1920-21. Chrome and calf ship- ' ments resulted in a loss of £37,916, £10,440 of which represented a loss for revaluation. The company was, 'with one exception, unable to sell its•"'chrome and calf in England, and it : all came back to New Zealand. The ■ " calf and chrome was finally destroyed ',: at a Are which occurred at the tan- •:> nerics- in 1924. Witness attributed "■■'•'■ the company's position to the follows ing S causes:—(1) The fact thai the ■''* purchase of calfskins in-1919-20 was : : greatly in excess of requirements; (2) that the company was called upon to pay an average of 7£d per .lb more .:•:- for hides in 1920 than in 1921; (3) that heavy losses were made from V 1920 onwards on the export business; = (4) ; that; the company manufactured r " goods which subsequently proved to •. 'be unsaleable both in England and % New Zealand; (5) that the company .i, manufactured and shipped goods to '.','. England' for the purpose" of'obtaining ";:' urgent financial assistance, the ma- ,; jority of the goods being sold at a ;,' low price or being returned to New ; Zealand as unsaleable; (6) that the company was heavily interested finan- '•' cially in the Blank Company. Nearly j £62,000 .was in this venture, which '; the' company would have welcomed in % 1920.